Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $9,000 cash by issuing common stock. 2. Provided $5,300 of services on account. 3. Paid $2,350 cash for operating expenses. 4. Collected $3,400 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $250 cash dividend to stockholders. What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1? Multiple Choice $2,950 $10,050 $11,700 $2,700